You have also been provided with the following additional information: The accounts receivable and...
90.2K
Verified Solution
Link Copied!
Question
Accounting
You have also been provided with the following additional information: The accounts receivable and accounts payable balances at the start of the reporting period were $24,600 and $14,700 respectively. At the end of the reporting period, accounts receivable was $31 800 and accounts payable was $29,640. An advertising invoice of $4,440 had not been paid. The business has equipment that cost $60,600. It has a useful life of five years and an expected residual value of $6,600. The insurance expense represents the 12-month premium on a policy that was purchased on 30 April 2021. Required: 1. Prepare the Income Statement for Sunshine Coast Ltd for the year ended 30 June 2021 on an accrual basis.
Section 1: Income Statement (TOTAL: 25 MARKS) The following are financial information from Sunshine Coast Ltd for the 12-month reporting period ended 30 June 2021 on a cash basis: Salese Cost of Goods Sold Gross Profite Advertising Administration Insurance Intereste Rente Salary and Wages + Profit $ $ $ $ $ $ $ $ $ $ 416,100 246,000 170,100 8,400 28,200 5,160 7,140 13,800 42,600 64,800
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
